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2298 Penguin Ln North Port, FL 34286

3 Beds 2 Baths 1,311 sqft Built 2002

$240,000

List Price

$1,340

$1.2K - $1.5K

Rent Est.

PROPERTY INFO

January 16, 2021 RECENTLY ADDED
FACTS
  • Single Family
  • Built In 2002
  • Price/Sqft : $183.07
  • 3 Days on Market
  • MLS # : A4488336
  • Updated Date : 01/16/2021 at 14:40
CONSTRUCTION
  • Beds : 3
  • Floor Size : 1,311 sqft
  • Baths : 2 full
Listing Agent

Hunt Brothers Realty, Inc.

Listing Agent's Description

New to the Market! Schedule your private showing today in this beautiful three-bedroom, two-bathroom house with a two-car garage. As you pull up to the house, you will notice the beautiful landscaping with an accent retention wall with natural Florida sourced rocks. The inside features an open floor plan, that maximizes the square footage of the home. The living room has French doors which connect to the outside patio area screened in lanai. The patio is designed with brick pavers that feature a herring bone design. Bring your fur babies, as they will also benefit from the spacious fenced in yard! The large kitchen connects to the living room and is equipped with a pantry, stainless steel appliances which are all less than five years old, granite countertops, title backsplash, and a custom-built moveable cabinet island. It is a split floor plan as the owner’s suite is on the opposite side of the house from bedrooms two, and three. All the bedrooms have crown molding. The owner’s suite has a walk-in closet, spacious walk-in shower with a seat and dual vanities. The floors are 24” tile, and the bedrooms are all engineered hardwood. Sellers are willing to lease back the property until September 2021.

SEE MORE

MARKET HIGHLIGHTS

  • Tampa's economy is worth over $156 billion in Gross Metro Product and projected to grow to $165 billion in 2019 (USMayors.org, 2018)
  • Headquarters to several Fortune 1000 companies: Publix Super Markets, Tech Data, Jabil Circuit, WellCare Health Plans, Raymond James Financial, Bloomin’ Brands, HSN, and TECO Energy (Fortune, 2018)
  • #8 in America's Fastest Growing Cities (Forbes, 2018)
  • Tampa metro employment growth is at 2.6% and predicted to grow at 2.1% in 2019 (USMayors.org, 2018)
  • One of the best cost-friendly American cities to do business (KPMG)
  • Tampa metro contributes to 15.4% of Florida state economy i.e. Gross State Product (USMayors.org, 2018)
  • #2 in Homebuilding Prospects #10 in Overall Real Estate Prospects (Emerging Trends in Real Estate 2019, PWC)
  • 2nd Best City for Young Entrepreneurs (Forbes)
  • Florida state ranks 4th most favorable in the country in State Business Tax Climate Index (Tax Foundation, 2019). Tampa inherits the rank being part of Florida.

PRICE & RENT TRENDS

Neighborhood: North Port Charlotte

NeighborhoodNIR Market*CityMarket2010Year20002019100k120k140k160k180k200k220k240k260k280kPrice in $91k297k

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

Neighborhood: North Port Charlotte

NeighborhoodNIR Market*CityMarket20102015Year20082019 Q210001100120013001400150016001700180019002000Rent in $9362041

* NIR Market: Aggregated price or rent trend of all neighborhoods with same NIR

SCHOOLS

NAME EDUCATIONAL LEVEL SCHOOL TYPE # OF STUDENTS # OF TEACHERS GREATSCHOOLS RATING
Toledo Blade Elementary School Primary Regular 742 56 6
Woodland Middle School Middle Regular 857 50 7
North Port High School High Regular 2,315 119 6

Toledo Blade Elementary School

  • Education Level: Primary
  • # of students: 742
  • # of teachers: 56
6
GreatSchools Rating

Woodland Middle School

  • Education Level: Middle
  • # of students: 857
  • # of teachers: 50
7
GreatSchools Rating

North Port High School

  • Education Level: High
  • # of students: 2,315
  • # of teachers: 119
6
GreatSchools Rating
 

$216,000$264,000$240,000

PURCHASE PRICE

$1,206$1,474$1,340

RENT

DOWN PAYMENT
FINANCING

FINANCIALS

PROJECTED BASIC MONTHLY INCOME STATEMENT

INCOME Rent $1,340
EXPENSES Loan Payment -$834
Property Tax -$295
Property Insurance -$116
Property Management Fees -$129
CASH FLOW
-$34

This is the estimated cash flow generated during a typical maintenance-free month. It is recommended that investors set aside 12% of earned rent to cover both maintenance and periods of vacancy.

$240,000

PROJECTED PRICE

$1,340

PROJECTED RENT

0.56%

PROJECTED RENT / PRICE RATIO

ASSUMPTIONS

Expense Inflation 2.50%
Rental Growth Year (1-5) 3.43%
Appreciation Year (1-5) 9.9%
Maintenance Year (1-5) 8.00%
Vacancy 3.71%
Length of Stay Years 2

PROJECTED ACCUMULATED WEALTH

30 YEAR PROJECTION

  • Cash Flow
  • Appreciation
  • Principal
11530$0.0$200k$400k$600k$800k

PROJECTED ANNUAL CASH FLOW

11530-$2.0k$0.0$2.0k$4.0k$6.0k$8.0k$10k

PROJECTED PROPERTY VALUE

30 YEAR PROJECTION

  • Appreciation
  • Principal
  • Loan Balance
11530$0.0$100k$200k$300k$400k$500k$600k$700k$800k

TOTAL CASH OUT OF POCKET

TOTAL OUT OFPOCKET$69,350

INVESTMENT

$69,350

Down Payment
$60,000
Rehab Estimate
$5,750
Closing Costs
$3,600

LOAN DETAILS

25%

DOWN PAYMENT

HOMEUNION RECOMMENDS:

A 50% down payment or higher enables the proceeds from the asset to cover all costs.

$834

MONTHLY LOAN PAYMENT

30 yr
Term
3.75%
Interest
25.00%
Down Payment
Term 30 Years
Interest 3.75%
Down Payment $60,000
Loan Amount $180,000
See What Happens When You Reinvest Cash Flow

5.25

YEARS SAVED

$13,160

INTEREST SAVED

CASH FLOW REINVESTMENT

The time & interest saved by applying each month's positive cash flow towards loan principal pay down.

  • $1,340

    LIST RENT
  • $1.02

    LIST RENT PER SQFT
  • $1,337

    COMP ESTIMATED VALUE
  • $1.02

    COMP AVG. RENT PER SQFT
Comps Range
$1,250
1$1,2502$1,2503$1,3404$1,3505$1,350
$1,350
RENT COMPS ANALYSIS
  • 2298 Penguin Ln North Port, FL 3
    • 3 beds 2 baths ∙ 1,311 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,311 Sqft ∙ Built 2002
    • Rent
    • Rent Per SQFT
    •  
    • $1,340
    • $1.02
    •  
  • 2220 Allegheny Ln North Port, FL 1
    • 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 2004 3 beds 2 baths ∙ 1,300 Sqft ∙ Built 2004
    LEASED 09/01/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.96
    •  
  • 3433 Monday Ter North Port, FL 2
    • 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 2006 3 beds 2 baths ∙ 1,394 Sqft ∙ Built 2006
    LEASED 01/31/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,250
    • $0.90
    •  
  • 2335 Penguin Ln North Port, FL 4
    • 3 beds 2 baths ∙ 1,172 Sqft ∙ Built 2002 3 beds 2 baths ∙ 1,172 Sqft ∙ Built 2002
    LEASED 01/30/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.15
    •  
  • 2516 Wurtsmith Ln North Port, FL 5
    • 3 beds 2 baths ∙ 1,267 Sqft ∙ Built 2005 3 beds 2 baths ∙ 1,267 Sqft ∙ Built 2005
    LEASED 10/23/20
    • Rent
    • Rent Per SQFT
    •  
    • $1,350
    • $1.07
    •  
PROPERTY LISTING DETAILS
Andrew Mcneil
1.941.302.4417
Hunt Brothers Realty, Inc.
Tobin Brinker
1.866.250.5610
RentVest Florida
CQ1057457
Stellar Multiple Listing Service ( MFRMLS)
MLS #: A4488336
Last Updated: 01/16/2021
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